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Using 2 DMP Companies, at the Same time ? - is it allowed ?
Galeeno
Posts: 295 Forumite
I have seen cases of DMP case studies where the person in debt in in 2 debt management plans with 2 companies, and their debts are split between the 2. But each DMP Company has different creditors on each side, and No creditors are duplicate
DMP company 1
Creditor 1
Creditor 2
Creditor 3
DMP Company 2
Creditor 4
Creditor 5
Creditor 6
Creditor 7
Creditor 8
for example. But what is the loging/point in this? what are the advantages it gains to use 2?
Is it legal? and in which cases would you use this type of setup ?
DMP company 1
Creditor 1
Creditor 2
Creditor 3
DMP Company 2
Creditor 4
Creditor 5
Creditor 6
Creditor 7
Creditor 8
for example. But what is the loging/point in this? what are the advantages it gains to use 2?
Is it legal? and in which cases would you use this type of setup ?
0
Comments
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Hello there,
I have never ever heard of this happening, and can see no logic or reason as to why anyone would want to. The aim of a DMP is for creditors to be offered payments based upon how much is owing to them. I don't think it would be an easy task if the debts were split between two firms. I don't think the DMP firms, or the creditors, would be keen on this sort of arrangement.
Best wishes,
David @natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Can you direct us to these cases and we could then ask them the reason?Christmas 2020 £109
I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
£60062/25384.84 - 13222.60k UE
MY DIARY http://forums.moneysavingexpert.com/showthread.php?t=47686850 -
Is it legal? and in which cases would you use this type of setup ?
Hi,
As to the legalities, you could use 50 firms, if you wanted, I doubt there is a law regarding this, as its an unregulated agreement between you and your creditors, in reality, I have never come across it, or see any advantage to it, in fact for peace of mind, knowing what I know, I would do it myself and not involve a 3rd party at all.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Why on earth would you want to do that?
Unless it's to try and hide one set of creditors from another?
HBS x"I believe in ordinary acts of bravery, in the courage that drives one person to stand up for another."
"It's easy to know what you're against, quite another to know what you're for."
#Bremainer0
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